Vendor Onboarding Policy

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Overview

This document outlines the Vendor management policy of Friend Loan Technologies Private Limited (FTPL) hereinafter referred to as “Company”.

Policy

  • No Payment or invoice can be raised by any vendor unless and until they are on-boarded by Finance into internal accounting systems.
  • To be successfully on-boarded, Vendors must produce the following documents:

    GST Registered Vendors

    • GST Certificate
    • Canceled Cheque which should Indicate the Bank account details and Beneficiary name, which should match the business entity name

    Non-GST Registered Vendors

    • PAN (Permanent Account number)
    • Canceled Cheque which should Indicate the Bank account details and Beneficiary name, which should match the individual/business entity name (If payment must be made to bank accounts)
    • E-Signed declaration that they do not have a GST No and will apply for it, once thresholds are met.

    Overseas Vendors

    • No document required. However, finance must ensure that due diligence on Vendors such as authenticity and trustworthiness factors must be taken into consideration before onboarding.
    • Payment will be made via Credit Card only.
  • If vendors prefer to be paid by Credit Card, then canceled cheques are not required.
  • No payment will be processed to any vendor unless they have issued an invoice.
  • Vendors are expected to clearly indicate SAC Code and TDS Applicability in their invoices. If not specified or unclear, Finance may withhold 10% of the invoice amount as withholding tax.
  • The lead time for onboarding any vendor is at least 7 working days and the minimum payment terms for any vendor is at least 15 calendar days.
  • All invoices must be sent in digital form (preferably as PDF) to “bills-invoices@friendloan.in” (FTPL). Paper invoices will not be accepted.
  • Vendor bills will be paid only on the following days:
    • Second Friday (or the nearest working day) of every month.
    • Last working day of every month (+1 day in case it is a non-working day).
  • For software or other service subscriptions, the “root account” for services should always be “security-administrator@friendloan.in” (FTPL). Further the “root account” must be added to the BitWarden credential account.
  • For software or other service subscriptions, the “billing account” for services should always be “bills-invoices@friendloan.in” (FTPL).
  • Invoices for software or other service subscriptions will not be paid or honored until the above two clauses are audited and certified.
  • No employee or management personnel should pay vendors directly and file for reimbursement later and if they do so, the reimbursement claims will be rejected.
  • In case the Vendor files GST on a quarterly basis, the GST portion of the payment would be held back till the date of filing.